Corrective Cycle Still In Play

• RES 4: $26.397 - 1.50 proj of the Oct 3 - 20 - Nov 13 price swing
• RES 3: $26.222 - High Apr 18 2022
• RES 2: $26.135 - High May 5 and a key resistance
• RES 1: $25.761 - High Dec 4 and the bull trigger
• PRICE: $23.773 @ 08:13 GMT Dec 8
• SUP 1: $23.534 - 50-day EMA
• SUP 2: $21.883 - Low Nov 13 and a key support
• SUP 3: $20.689 - Low Oct 3 and the bear trigger
• SUP 4: $19.904 - Low Mar 10 and a key support

Silver failed to hold on to Monday’s gains and reversed sharply lower. For now, the move down is considered corrective and the pullback is allowing an overbought condition to unwind. Key support to watch lies at $23.534, the 50-day EMA. A break of the 50-day average would strengthen a bearish threat and open $21.883, the Nov 13 low and a key support. On the upside, Monday’s $25.761 high is the bull trigger.